Mortgages:
As
with the UK, it's always best to shop around for mortgages when buying a home.
A mortgage is a very personal choice and also one that we don't enter into lightly.
Mortgages in Australia can be paid weekly, fortnightly or monthly depending how you get paid.
You only pay interest on what you actually owe and not on the total amount borrowed, so
payments should decrease over the years.
You can also opt to pay an extra few dollars a week
on top of your required repayment as this can reduce your home loan depending upon how much
extra you put in.
A lot of banks allow you to offset your mortgage
with any savings you have or with your current bank account.
For further details on this, please talk to your bank whilst organising your mortgage.
Like in any other country, Australia is no exception to the fluctuation of
interest rate sso it's best to check with a mortgage advisor or bank for the current interest
rate to calculate your repayments.
Council Rates:
All home owners are required to pay council rates for services in their
particular area. Payments are usually required every six months and vary depending upon the
area, price of land and services used. If you have bought a property as an investment, it will
still be up to you to pay Council Rates on that property.
First Home Owners Grant:
To
offset the impact of the introduction of the Goods and Services Tax (GST), the Commonwealth
has requested that the States and Territories assist first home buyers through the establishment
of the First Home Owners Grant (FHOG).
The grant is to be paid as either part of a deposit or part of the homeowners' loan.
As residents and also as first time buyers in Australia, this grant is available to you once you
have settled on a new home. Eligible applicants are entitled to a one-off $7000 payment, therefore it
is a great time to begin life in Australia and to set up home here.
For more information on the First Home Owners
Grant please click: www.firsthome.gov.au
Real Estate & Rentals:
Rented accommodation will no doubt be your
first port of call when you arrive in Australia. Most rentals
are done through agencies and are usually on a six-month
lease. You will have to pay a bond, which is ordinarily
a month’s rent in advance, and the unit/house must
be left clean when your occupancy is completed. The bond
is re-paid to you once you have finished the lease, however
any cost of repairs, damage or cleaning at the property
will be taken out first.
Types of Accommodation:
There
are a number of different types of accommodation in Australia
and some you may not be familiar with. We’ve outlined
below a brief summary of accommodation to help you choose
what accommodation you’d like to stay in.
Unit:
This is basically a flat and is usually in a block. They’re
generally purpose built and facilities vary from place to
place.
Town House
Town houses are usually two stories and can be set in a
complex (sometimes gated) where facilities may include a
swimming pool and bbq area. However some town houses stand-alone
and don’t have facilities but may have some sort of
garden.
Duplex
A duplex is basically a semi detached low set house (bungalow).
Usually they don’t have much of a garden area but
may have a patio area instead.
Low
Set House
A bungalow to you and me, which is detached and has a garden
and garage. A lot of houses in Australia have swimming pools
or spas but you will pay extra to rent a house with either
of these.
Two Story House
This basically speaks for itself. Like the low set house,
the two story has it’s own garden and garage and may
even have a pool or spa. Two story homes are not as common
as the low set ones and are usually bigger and more expensive.
Unfurnished
If you rent unfurnished be prepared to need white goods,
which include fridge/freezer, washing machine, tumble dryer
and dishwasher. Obviously you’ll need your own creature
comforts such as beds, lounges, dining table etc., not to
mention a bbq!!
Fully furnished All you’ll need if you
rent fully furnished is your bed linen (sometimes included),
clothes and food!
In a lot of places you can rent in a complex
where facilities may include a swimming pool and bbq area.
Some may also have a gymnasium, tennis court and children’s
play area. You don’t seem to pay much more for these
facilities so, as always; it's best to shop around.
When renting a unit or other accommodation
in a complex it’s best to find out about telephone
charges, especially if you’re planning to stay for
a while. You may find that putting your own telephone line
in will work out cheaper in the long run as some places
have all calls running through a switchboard and call costs
to the UK can become very expensive.
When you rent you’ll be liable for the
telephone bill, electricity bill and for any damage sustained
during your stay. If you’re renting a house you will
need to keep the grounds maintained and if you have a swimming
pool, this will be your responsibility also. Usually you’ll
have an agreement with the letting agent and everything
should be outlined in this but look closely at any small
print.
Most agencies need references from you before
letting a property. However, in our experience, agencies
were very understanding that we’d just arrived in
the country. However, bringing references with you from
the UK will only help and also if you know anyone in Australia
who can vouch for you, all the better.
Furnished Packages
If you're wishing to rent and also awaiting the arrival of you furniture and other goods
from the UK, it is possible to rent furniture packages to tide you over while you wait as
shipping can take some time. Furniture packages vary depending on how basic you wish to
live and for how long you wish to rent the furniture. You should be able to find out further
information from the rental company you sign up with.
